Russia
RUSSIA: in 2021, an increase in voluntary health insurance loss ratio is expected
The leaders of the Russian voluntary health insurance market expect an increase in the voluntary health insurance loss ratio due to deferred demand, an increase in the cost of treatment per insured person and an increase in the level of medical inflation, writes ASN quoting the insurance broker GrECo International.
10 February 2021RUSSIA: SBERBANK Life Insurance and ROSGOSSTRAKH Life awarded at the InsurSelling-2021 conference
At the InsurSelling-2021 conference, which took place on January 27, SBERBANK Life Insurance received an award "For taking life insurance products to online".
4 February 2021RUSSIA: Andrey LARKIN elected new general director of INGOSSTRAKH
Andrey LARKIN was elected the new general director of INGOSSTRAKH by the decision of the board of directors, according to the company. He will also become the Chairman of the company's Management Board.
3 February 2021RUSSIA: INGOSSTRAKH: the capacity of the renewed program of outward reinsurance of technical risks for 2021 amounted to RUB 8.7 billion
INGOSSTRAKH has renewed its outward technical risk reinsurance program for 2021. The capacity of the program is RUB 8.7 billion (~ EUR 100 million), according to the insurer's press release.
28 January 2021RUSSIA: SBERBANK insurance: Vitaly PAVLOVSKY headed the corporate insurance block
Vitaly PAVLOVSKY has been appointed Managing Director - Director of the Corporate Insurance Directorate of SBERBANK Insurance, as the insurer announced on its website.
27 January 2021AM Best withdraws, on request, the Credit Ratings of Rosgosstrakh Insurance Company, after affirming them
AM Best has affirmed, on 22 January, the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-" of ROSGOSSTRAKH Insurance Company, OJSC (RGS) (Russia). The outlook of these Credit Ratings (ratings) is stable.
26 January 2021RUSSIA: Moscow and Moscow region leading in e-MTPL sales in 2020
In 2020, 17.8 million e-MTPL policies were sold in Russia, thus the share of e-MTPL reached approximately 50% of all sold MTPL policies for the period.
20 January 2021RUSSIA: SBERBANK Insurance increased the capacity of its property obligatory reinsurance treaty to RUB 10 billion
SBERBANK Insurance, one of the TOP-20 local insurers, renewed the obligatory reinsurance treaty of property and builder's risks and doubled the program capacity to RUB 10 billion (EUR 0.11 billion*), the insurer reports.
20 January 2021RUSSIA: Conference "InsurSelling-2021. Insurance sales - strategy and tactics, transformation and evolution, myths and reality "
On January 27, 2021, the first conference "InsurSelling-2021. Insurance sales - strategy and tactics, transformation and evolution, myths and reality", organized by "Insurance Today" in a mixed, online-offline format, in which some of the speakers gather in a specialized studio, and all other speakers and participants take part in the online mode, will take place in Moscow.
18 January 2021RUSSIA: from January to September 2020, travel insurance decreased by more than 58% y-o-y
GWP of travel insurance from January to September 2020 amounted to RUB 6.04 billion (~EUR 64.93 million*), which is 58.2% less y-o-y, ASN reports according to the Central Bank statistics. This decrease was caused by restrictive measures during the pandemic.
5 January 2021RUSSIA: ARIA: market growth is expected to reach 10% in 2021
In 2021, the market development will be even, based on the structure of the insurance portfolio over the past three years, and GWP increase can range from 5% to 10%.
5 January 2021RUSSIA: ROSGOSSTRAKH affirmed by S&P at BB, outlook stable
The long-term issuer credit rating of ROSGOSSTRAKH affirmed at BB, outlook stable, despite the extremely high dividends of RUB 12.2 billion (~EUR 0.13 billion*), that the company will pay to its parent financial corporation in 2021, the press-release of S&P Global ratings said.
22 December 2020RUSSIA: ROSGOSSTRAKH Life is "Time for Innovation 2020" award holder
The company won the "Innovatively Active Company of the Year" nomination. The ceremony of awarding the winners of the Time for Innovation 2020 award was held on December 11 in Sochi, the insurer said in its press release.
22 December 2020STATISTICS: RUSSIA, 3Q2020: Return on equity of insurers at its maximum on record - almost 35%
For the last 9 months of 2020 the market reached RUB 1.1 trillion/EUR 12.21 billion* (+3.1% in local currency), according to the data published by the Bank of Russia. The results were significantly impacted by the drop during the second quarter due to restrictive measures related to the pandemic.
17 December 2020RUSSIA: for 9 months of 2020, the average commission of insurance brokers was the lowest among the five main sales channels through intermediaries
The average commission of insurance brokers from January to September 2020 amounted to 14.6% - the lowest among the five main sales channels through insurance intermediaries, ASN reports according to the head of the Council of the Association of Professional Insurance Brokers Katerina YAKUNINA.
16 December 2020RUSSIA: from January to September, the number of MTPL reported insured events decreased by almost 22% y-o-y
For the period from January to September 2020, GWP of the TOP-10 MTPL insurers increased by 7.4%, to RUB 135 billion (EUR 1.46 billion*), and their share in the segment reached 82.3% (vs 81.7% a year ago), ASN reports according to the Bank Russia.
16 December 2020RUSSIA: for 9 months of 2020 the average Motor Hull premium decreased by 17.5% y-o-y
From January to September 2020, Motor Hull GWP grew in local currency by only 1.4%, to RUB 123.1 billion (~EUR 1.33 billion*), while the average premium decreased by 17.5% to RUB 29.4 thousand.
9 December 2020RUSSIA: RSHB-Life Insurance awarded in the nomination "Growth Leader of accumulative life insurance"
On November 24, at the analytical conference "Life Insurance: Market Transformation", RSHB-Life Insurance was awarded a diploma in the nomination "Growth Leader of accumulative life insurance" based on a study of the life insurance market for 9 months of 2020, the insurer's press service reported.
3 December 2020RUSSIA: the 24th Annual Reinsurance Conference and the 19th Annual November Business Meetings for Reinsurers held on November 25-26, 2020
On November 25-26, 2020, the event was held in Moscow that united the 24th Annual Reinsurance Conference and the 19th Annual November Business Meetings for Reinsurers.
2 December 2020RUSSIA: for 9 months of 2020 profit of insurers (before tax) increased by almost a quarter y-o-y
During the pandemic, insurance companies remained stable. According to the results for 9 months of 2020, the profit of the insurance market (before tax) increased by almost a quarter (+24.6% y-o-y), to RUB 230.4 billion (~EUR 2.49 billion*), according to the "Financial Stability Review" of the Central Bank of the Russian Federation.
2 December 2020
